Given such a debt burden, what are the chances that a country with Greece's history would be able to finance its debt in the market on terms consistent with a decline in the debt burden?
Britain's economy is unlikely to grow as fast as before the financial crisis because its most productive sectors have been hardest hit, jeopardising government plans to cut the deficit, reports the FT.
Rumor in the market today is that another 60 billion Euros will be flowing to Greece from the EU or the IMF, or maybe both. It really should come from the IMF in my mind since they are the yahoo's that predicted long term interest costs for Greece would be 5.6% in 2012. While there is always a chance for a miracle, long term Greek bonds are at an almost 16% yield. So if Greece is to get money, it'll have to come from the EU or the IMF.
Germany and the rest of Europe will loan Athens more money to keep Greece servicing its debt and prevent writedowns by European governments and banks on loans they've already made to Greece.
The euro has dropped more than 5% against the dollar in a matter of days. But this strategist says it won't last.
Rumor time for the euro, good times for commodity currencies. Time for your daily FX Fix.
CNBC's Simon Hobbs has the story on what the Greeks owe that makes the rest of Europe so scared.
The plan to deal with the euro zone debt crisis and avoid restructuring before 2013 is failing, Willem H. Buiter, Chief Economist at Citi Investment Research and Analysis said on Tuesday.
Europe should help countries that are in trouble but these countries need to show that they are tackling their deficit problems themselves, like Britain has done, UK Chancellor of the Exchequer George Osborne told CNBC in an interview Tuesday.
Greece on Tuesday denied a Dow Jones report that it expects a new aid package of nearly 60 billion euros ($85.71 billion) to deal with its debt crisis.
As far as Europe’s real economy is concerned, the problems on the periphery are just that, peripheral, according to Credit Suisse’s Robert Barrie.
Restructuring Greece’s debt is both desirable and inevitable, despite insistence from European Union officials over the weekend that the idea is off the table, reports the New York Times.
Last week spelt the end of the inflation story and this is a reason to be bullish. That is the view of UK-based Michael Browne, a fund manager at Martin Currie.
Another week, another wave of dismal fiscal gridlock in Washington. But as US politicians squabble about how to cut the debt, another concept with a catchy name is quietly starting to creep into the policy debate: "financial repression", according to the FT.
On May 4, I recommended shorting the euro against the British pound. Here's an update.
Standard & Poor's Ratings Services today said that it has lowered its long- and short-term sovereign credit ratings on the Hellenic Republic and S&P warned it may be cut further.
New data suggests the real global threat is coming from somewhere other than Greece and Portugal, with Kevin Gardiner, Barclays Wealth head of global investment strategy.
Friday's better than expected jobs report gave the dollar a lift, and these experts think it could continue.
Speculation over the weekend that Greece could leave the euro zone was “utterly unrealistic" and would be a “catastrophe” for the country and for the wider European Union, Yiannos Papantoniou, former Greek finance minister and president of the Centre for Progressive Policy Studies told CNBC on Monday.
Greece is gumming up the works in the euro zone again, but that's not hurting the euro. Time for your daily FX Fix.